Zoom Video Communications (NASDAQ:ZM) Raised to “Outperform” at Evercore ISI

Zoom Video Communications (NASDAQ:ZM) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $115.00 target price on the stock, up from their previous target price of $70.00. Evercore ISI’s price objective would suggest a potential upside of 34.72% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a research report on Thursday, October 10th. Bank of America cut their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Wedbush began coverage on Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Finally, Robert W. Baird decreased their price objective on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Zoom Video Communications presently has an average rating of “Hold” and a consensus price target of $85.19.

Zoom Video Communications Trading Up 2.3 %

Shares of ZM opened at $85.36 on Tuesday. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80. The company has a market cap of $26.27 billion, a PE ratio of 30.59, a price-to-earnings-growth ratio of 7.60 and a beta of -0.05. The stock has a 50-day moving average price of $74.55 and a 200-day moving average price of $66.03.

Insider Transactions at Zoom Video Communications

In other news, CFO Kelly Steckelberg sold 14,151 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $68.12, for a total transaction of $963,966.12. Following the transaction, the chief financial officer now directly owns 140,427 shares of the company’s stock, valued at approximately $9,565,887.24. The trade was a 9.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 178,571 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total value of $13,733,895.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 367,108 shares of company stock worth $26,796,191. Company insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new stake in shares of Zoom Video Communications in the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Zoom Video Communications in the second quarter worth about $36,000. Truvestments Capital LLC purchased a new stake in Zoom Video Communications in the third quarter worth about $37,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Zoom Video Communications during the 2nd quarter valued at approximately $41,000. Finally, Allworth Financial LP grew its holdings in shares of Zoom Video Communications by 43.8% during the 3rd quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after acquiring an additional 180 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

About Zoom Video Communications

Zoom Video Communications, Inc provides unified communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and conference room systems; Zoom Phone, an enterprise cloud phone system; and Zoom Chat enables users to share messages, images, audio files, and content in desktop, laptop, tablet, and mobile devices.